Identifying Entrepreneurial Opportunities - Delicious Food

Identifying
Entrepreneurial
Opportunities

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK ..............................................................................................................................................3
1. Sources that inspire the new business idea and motivated for set up a new business.............3
2. Introduction of business idea, finding potential and targeted audience for the product.........5
3. Competitor analysis that looks at competitive marketplace....................................................6
4. Gap analysis, current and future situations and objects of business ideas..............................8
5. Market research to support viability of business using range of sources such as primary and
secondary.....................................................................................................................................9
6. Viability and feasibility of business idea, strength and weakness of business.....................14
7. Risk of competition and potential opportunities for growth and development.....................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneur is an individual who identify business opportunities and prepare itself to
take risk for starting a new business. In addition to this, it is a process of designing or launching
a new business in a new area along with a innovative idea or smart way so that it can survive in
the new market place. Apart from that, entrepreneurial opportunity is termed as a procedure of
setup or introducing a new business which is totally base on a new or fresh idea. In modern era,
competition is growing on the regular basis so that it is very essential for an entrepreneur to
establish a business with new ideas so that better sustainability can be gained by them in a small
time period. Present assignment is based on the idea of launching meal services by “Delicious
Food”. This report will includes methods and framework which can helpful in development of
business venture. It will also discuss about target market and customers who can buy the product
or services from the organisation. In last, SWOT analysis will also prepared for the organisation.
TASK
1. Sources that inspire the new business idea and motivated for set up a new business
New or fresh idea for a business is inspired by various market trends or through analysing
the needs and wants of customers. Entrepreneur gets the new business ideas from different
sources like websites or conducting online research so that unique or ultimate ideas can be
formulated which will be helpful for the entrepreneur in making profitability or money. New
business which is inspired from market trends is established in Birmingham, UK. This company
provides daily meal services to those who have no time for preparing or buying food for
themselves. Idea of launching this business is formulated through the book of “Innovation and
entrepreneurship” which is written by Drucker's and they states some sources of innovation
which are discussed as below:
 The Unexpected: Marketplace is full of surprises which can provide success or failure
for the organisation. Unexpected success or failure both are identified by the
organisations as an opportunity. Unexpected situations of the market can easily
encourage the entrepreneur to make innovative idea so that different aspects for a specific
situation can be identified. With the help of these situations, Delicious food will be able
in grab opportunities of the marketplace (Drucker's Seven Source of Innovation
Opportunity, 2015).

 Incongruities: . Success and failure of a business idea is based on what products or
services are providing by the firm and what are the needs of customers that can be
fulfilled by them. Before establishing a new business venture, it is very essential to
identify needs of the customers in proper manner so that it can be identified that what are
the specific needs of target customers. Reviews and taking feedbacks from the customers
are the best methods for determining incongruities of the business. Information of
customer about their preferences for daily meal services will be assist the Delicious food
for launching their new meal services in the market (Saban, 2015).
 Process Needs: This source is very important than the others because it is more focused
on the task rather then situations. Opportunities for the innovation are comes after
determining the whole activities of the organisation so that weak areas can be identified
in proper manner. Pre-identification assists the entrepreneur to improve the performance
so that better sustainability can be gained by the organisation. After identifying weak
areas or holes Delicious food will be able in knowing their capabilities which will be
helpful for them in creating more innovative solutions.
 Industry and market structure change: Organisation can sustained in the market for a
long time period but advanced technologies can destroy the business almost overnight. In
past years, It has been determined that technology is changing day by day and
entrepreneurs have duty to keep eye on these modifications. Evaluations of these changes
will be helpful for the Delicious foods through modifying the threats in the opportunities.
 Demographic: Modifications in demographic can influence the sustainability of an
organisation in positive or negative manner. These changes can also influences on the
demand of offerings of firms. Demographic changes in age, taste, preferences,
employment are also influence the organisation and encourage the entrepreneurs to take
these opportunities. These modifications will be helpful for the organisation in
introducing meal services in UK market which can fulfil the demands of business persons
or various individuals due to having busy schedule.
 Change in Perception: Over a period of time it has been identified that there is a most
significant changes in the way in which people perceive the marketplace. In modern era,
most of the individuals of UK does not want to eat unhealthy or unhygienic food and
desires to consume good quality based food product on their places which will be assist

the Delicious food to launch an application for providing meal services to the targetted
customers.
 New Knowledge: Knowledge always assists the entrepreneur to make new ideas so that
new business can gets sustainability and growth in the marketplace. Changes are also
necessary in a marketplace so that entrepreneurs can meet with the new demands and
requirements of customers. Usage of new and unique technologies will be helpful for the
Delicious food to gain positive outcomes by new opportunities.
All above sources are very essential and inspires the organisation to identifying new
business opportunities and launching new offerings for the customers through analysing demand
of the products (Saemundsson, 2017).
2. Introduction of business idea, finding potential and targeted audience for the product
Meal is very necessary for each human bodies so that they perform their daily activities
in most suitable manner. It has been identified that demand for the services are high in the UK
market because most of the citizens who having busy schedule can't prepare and buying food
products from the restaurants or hotels. By considering this situation and necessity of meal
services among the business persons and citizens, Delicious food can grab valuable opportunity
to achieve growth and success within a shorter period of time. UK government has highly
appreciated the entrepreneurs who have recently passes the graduation programme for launching
a new business. Before launching new business it is very essential to provide demonstration of
the new idea to the governmental authorities so that if idea will be found relevant then funds will
be provided to the entrepreneurs. Value of introducing new business opportunity in marketplace
is around £100,000 out of which £70000 is provided as the loan by government at lower interest
rate of .8%. Along with this, £20,000 is gave as the grant and remaining £10000 will be invested
by entrepreneurs as the capital for the new venture. As introduction of this business will provide
services to the business persons therefore more investment will be required to cover more
marketplaces (Talebi, 2017).
Targetted customers for the services are those who prefers to buy food products at their
preferred locations instead of visiting at any physical store which consumes more time and
energy. Meal is very important for every individual so that all daily activities can be performed
in an easy manner. Therefore, Meal services should be provided to the targetted customers at
lower prices so that organisation can easily gets sustainability and growth in the marketplace.

3. Competitor analysis that looks at competitive marketplace
This is defined as an analysis in marketing or strategic management which provides
assessment of capabilities and weaknesses of existing and potential customers. With the help of
this analysis, entrepreneur can formulate various strategies like offensive or defensive for
identifying threat or opportunities of the current marketplace. For making such strategies in an
effective manner, Delicious food can use porter's five forces model which can be more
understood by as under:
Porter's five force model: This model was given by Michael porter for providing an
understanding to the organisation about competitiveness of the marketplace (Welter, 2015).
Organisation will not be considered attractive if competitors provide negative influences on the
profitability of organisation. Parts of this model are given as under:
Source: Porter's five force model,2018
Illustration 1: Porter's five force model, 2018

Suppliers Power: In modern era, customers are more rational and sensitive for pricing of
a specific product or services. In the food industry, customer have lot of options from which they
can chose best one that can fulfils their needs and demands in most appropriate manner.
Furthermore, the chances of shifting buying decision of customer are more if they are not
satisfied with the offerings of firm. Therefore, it can be said that power of buyers in food
industry is very high in the nature.
Threat of new entry: Threat of new entrant is very high in the food industry because for
establishing a business in this industry a small investment and legal duties are required. It is also
cheaper to start a daily meal services then any other businesses. Entrepreneurs can easily arrange
funds for starting this business so that Delicious food have to face threat of new entry which can
influence the profitability and market-share for the firm in the marketplace.
Threat of Substitutes: This threat is arises when the demand of product is influenced by
the changes in the prices of substitute services. As availability of options in food industry are
very higher due to which customers are regularly switching their taste and preferences. This
threat is generally occurs when the competitors are providing same services at cheaper prices to
the customers. In the context of Delicious food, they have to maintain prices, qualities and spices
in the provided food products so that they can overcome the threat of substitute as the food
product are tasty and unique than the competitors (Bolinger, 2015).
Competitive rivalry: Competition is very high in food industry therefore, organisation
have to control the prices and make modifications in the prices of their products or services so
that a good competitive advantage can be gained by them. Delicious food is new in the market
and providing a unique services in the daily meals so that firm have to face low level of
competition from the existing competitors of market.
After analysing all above factors this is identified that Meal service is an unique idea
which will fulfils the needs of current situation. Chances of getting sustainability and growth is
very high because idea is unique and there are less competitors who are providing these kind of
services in UK. Availability of meal service providers are already existed in the market but
hygienic and unique food quality will fulfils the requirement of present situation. For launching
this services in UK market entrepreneurs have to adopt niche market strategy which will help
them in taking feedbacks from the customers for the service introduced. Business in food

industry always includes high risk therefore, it can be said that enhanced level of risk will also
generate high profits for the firm.
4. Gap analysis, current and future situations and objects of business ideas
Gap analysis is a method that involves a comparison of actual performance of an
organisation with expected performance. It is very essential for each firm to utilise their
resources in optimal manner so that ideal results can be gained in easy manner. This analysis also
helps the organisation in determining that whether the requirement are fulfilled or not. With the
help of this analysis, any organisation can identify the weak holes or gaps in the performance
level and take corrective steps for fulfilling this weak areas or loop holes. In current situation it is
analysed that food industry is rapidly growing because taste and preferences of customers are
changing over a day. Launching Meal services in Birmingham, UK will also face less
competition for their specific business. Future of this business is very dynamic because meal is a
necessary part of human body therefore there are higher chance for the entrepreneurs to
identifying new opportunities which will be helpful in gaining growth and sustainability in the
marketplace (Cleverley-Thompson, 2016).
Some objectives that are decided to achieve by Delicious food for their newly launched
business of Meal services are:
 Profitability and employment generation: The main objective of the organisation is to
earn more profitability which is necessary for surviving in the marketplace. A new
venture is launched by Delicious food will also generate more employment in the
Birmingham because it is now working at small level but when the customer base is
larger than more profitability and employment opportunity will be provided to the local
citizens of nation.
 Capturing market share: It is analysed in the above tasks that there is low level of
competition in the food industry which can be profitable for the firm. It will also increase
the chances of taking growth and success in the marketplace. When a huge market-share
will be captured by the Delicious food then they will be able to face competition in future
period.

5. Market research to support viability of business using range of sources such as primary and
secondary
When a new venture is launched by an entrepreneur in the market then it is very essential
to conduct a market research so that better solutions can be gathered which are related with
business. There are two types of data collection such as primary or secondary which are mostly
used by the researchers for collecting informations. In primary, informations which are collected
by the researcher are determined as fresh or new. Informations in this method are directly gathers
from those sources whom it belongs. For collecting informations through this kind researcher can
use various resources like questionnaire, panel interviews, survey etc. so that relevant
informations can be gathered in easy manner. This method is used for providing better solutions
which are related with a particular problem (Bolinger,2015).
Apart from that, secondary methods are used for collecting those informations which are
already published or given by authors for a specific topic. In this method, new data is not
collected and information is collected from the published books and various views and opinions
of authors. From the above methods of data collection primary method of data collection is used
by Delicious foods and informations are gathered by 30 respondents through a questionnaire
which are given as under:
QUESTIONNAIRE
Name:
Age:
Address:
Contact Number:
Q1. Are you aware about Meal services ?
A. Yes
B. NO
Q2. Are you a business person?
A. Yes
B. No
Q3. Does this business will attain growth in future ?

A. Agree
B. Disagree
C. Don't Know
Q4. Do you think that Delicious food will take growth in the marketplace?
A. Agree
B. Disagree
C. Can't Say
Q5. Does the offerings of Delicious food will provide huge customer base in the marketplace?
A. Yes
B. No
Q1. Are you aware about Meal services? Frequency
A. Yes 13
B. No 17
Total 30
Mean 15
Median 15
Mode 4

A. Yes B. No
0
2
4
6
8
10
12
14
16
18
13
17
Frequency
Interpretation: It has been identified from the above chart that out of 30, 17 are aware from the
meal services and mean of this information is 15, median is 15 and mode is 4.
Q2. Are you a business person ? Frequency
A. Yes 25
B. No 5
Total 30
Mean 15
Median 15
Mode 0

A. Yes B. No
0
5
10
15
20
25
25
5
Frequency
Interpretation: From the above chart it has been analysed that 25 out of 30 are business persons
and providing their services in different organisations of UK nation. Mean and Median of this
data is 15 and mode is 0.

Q3. Does this business will attain growth in
future ? Frequency
A. Agree 16
B. Disagree 8
C. Don't Know 6
Total 30
Mean 10
Median 8
Mode 4
Interpretation: From the above information it has been concluded that, 16 out of 30 gave their
opinions that organisation will take growth in future period whereas, 8 are disagreed with this
statement and remaining 6 have not gave their response. Mean of above data is 10, median is 8
and mode is 4.
A. Agree
B. Disagree
C. Don't Know
0 2 4 6 8 10 12 14 16 18
16
8
6
Column B

Q4. Do you think that Delicious food will
take growth in the marketplace? Frequency
A. Agree 13
B. Disagree 10
C. Can't Say 7
Total 30
Mean 10
Median 10
Mode 6
13
10
7
A. Agree
B. Disagree
C. Can't Say
Interpretation: 10 out of 30 are agree with this statement and gave their views that organisation
will take growth in the marketplace whereas, 13 are totally disagreed with this statement and
remaining 7 does not gave their any opinion. Mean and median of this is 10 and mode is 6.
Q5. Does the offerings of Delicious food will
provide huge customer base in the Frequency

marketplace?
A. Yes 16
B. No 14
Total 30
Mean 15
Median 15
Mode 2
A. Yes B. No
13
13.5
14
14.5
15
15.5
16
16.5
16
14
Column B
Interpretation: 16 out of 30 gave their statement that firm will gain competitive advantage
through providing their offerings in systematic manner and other 14 are not satisfied with this
statement. Mean and median of this is 15 and mode is 2.
6. Viability and feasibility of business idea, strength and weakness of business
Business idea of launching meal services will be considered as feasible and viable
opportunity for the young entrepreneurs. As meal service is high in demand and there are less
competitor which can create opportunities of getting success to the new venture. This business
idea is also supported by the UK government by providing funds for business to start up.
Competition is minimum and availability of meal services provides are also less then
organisation can gain huge growth and sustainability by business organisation (Bianchi, 2017).

In order to analyse strength and weaknesses, Delicious food can conduct SWOT analysis
which is given as under:
Strength Weakness
 Business opportunity is based on meal
services which can satisfy the
requirements of customers that will also
assist the firm in acquiring large
market-share.
 Meal services which are offered by
Delicious foods includes unique and
healthy quality in the food products
which can attract a large number of
customers.
 Taste and preferences of customers are
changing regularly therefore, it is a fear
for the business to getting outdated.
 For capturing huge market-share and
customer base more funds are needed
and due to lack of finance organisation
can't get growth or sustainability for a
long period.
Opportunities Threats
 Most of the citizens in UK are business
persons and preferred to getting food at
the workplace therefore, there are
higher chances of getting growth and
sustainability in marketplace.
 Idea of launching Meal service in
Birmingham is unique which will
helpful in gaining competitive
advantage and capturing huge market-
share.
 Switching of customers to the other
food services can become threat for the
firm in future.
 New entrants with unique ideas in food
industry can also determined as a threat
for the business in long run.
Through analysing such strength or weaknesses organisation will be able in solving
various problems or issues which can become a major threat for the firm in future period.
7. Risk of competition and potential opportunities for growth and development
Risk is uncertain in nature and can provide positive or negative influences on the
profitability of a business. Higher risk will bring huge profitability in a firm. Therefore, it is very

essential for the Delicious food to manage risk so that various issues can be resolved in easy
manner. Risk of huge competition or new entrant is one of the most threat for the small and
medium firms. Risk can be analysed if management will take effective steps for minimising its
influences. A team is mostly required so that market trends and demands of customers can be
analysed in proper manner. As this will become as one of the most tools which will contributes
more towards the growth and sustainability of organisation. With the help of this, Delicious food
will be able in launching their meal services in national or international market along with a good
customer base (Yong, 2016).
CONCLUSION
It has been concluded from the above project that an unique or effective idea is necessary
for getting growth and sustainability in the market. There are various sources which provides
background informations that also helps in establishing the business in more effective manner.
Each market involves competition which has to be assessed or evaluated in right manner so that
good results can be received by firm in future period. Gap analysis also helps the entrepreneurs
in comparing the actual and desired performance level so that weak areas can be identified and
filled accordingly.